Around £140 million worth of tokenized real estate project launched by UK-based property developer Knight Dragon.
Crypto & blockchain technology adoption is increasing rapidly because of the unique technology and its use case. In the last couple of years, the crypto industry saw a trend of NFTs concept-based projects. Due to better advocacy, the crypto industry is shifting more smoothly toward the traditional financial & tech fields. In particular, the NFTs concept emerged as a unique concept to introduce tokenized digital properties and now this concept is entering, directly and indirectly, the real estate market.
Knight Dragon is a UK-based property developer. Yesterday, the Property developer announced its £140 million valuation-backed first property tokenization project launch in London, UK.
The project was launched with the help of its subsidiary KD Tokens Limited (KD tokens). The company tokenized the property in 191-unit Building 4 which forms part of the Upper Riverside Development, according to a press release shared with Finbold on June 21.
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The press release noted that KD Tokens already minted tokens KDB4 with holders. Holders are expected to grab 80% of the gross profit from this project. The legal documents are showing that tokens will act as securities for the holders, which means they will be digital tokens backed by real-life property but will be different from crypto assets because these tokens promise to give a return on investment. To develop the tokens, the project secured the support of Atom 8 Limited, a Web3 technical consultant.
Sammy Lee, the founder of this company, shared the plan of the company and noted that they will try to expand the project to other regions globally.
Lee said:
“In the same way an asset can be securitized by dividing it into shares, tokenization allows an asset to be divided into individual tokens. The tokens represent a specific share of an underlying asset. In this case, ownership of KDB4 Tokens will represent a fractionalized interest in a contractual right to share in the gross profit of Building 4.”
Read also: Newly approved bill allow Louisiana banks to provide crypto custody services
A property developer launches the first tokenized real estate project in the UK
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